Student Housing Cottages – Acquisition
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Student Housing Cottages – Acquisition

Southwest, US

$2,150,000

Southwest, US

 

Funding Purpose

Provided acquisition financing for the purchase of a Student Housing property in the Southwest. This was one of three properties that the sponsor purchased in a 1031 exchange.

Property Description

Luxury boutique cottages within a mile of  a prominent state university. Highly desirable location, subject property is 100% occupied.

Sponsors

Experienced family owned and operated real estate company based out of CA. Sold apartment complex in Los Angeles to take advantage of the higher yields out of state.

Challenges

  • Needed to close by end of year
  • Not enough parking spots

Solutions

  • Worked diligently with bank to meet deadline
  • Re-traded for a lower purchase price due to parking issue

Funding

  • Loan to Value: 67%
  • Interest Rate: 3.99%
  • Amortization: 25 years
  • Term: 7 years
  • Recourse: Yes
  • Interest Only: None


Michael Bucaro

Michael Bucaro

TITLE

Associate Director | Capital Advisor

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